The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.
This guidance note explains when conversion services supplied to housing associations can be zero-rated.
For an overview of the liability of construction services more broadly, see the Overview ― construction, conversion and renovation guidance note.
In-depth commentary on the legislation and case law on conversion services supplied to housing associations can be found in De Voil Indirect Tax Service V4.240.
Conversion services are normally excluded from the zero-rating for construction (see the Construction ― zero-rating of construction services guidance note). However, conversion services supplied to housing associations can be zero-rated where the following conditions are met:
the supply is to a relevant housing association
the conversion is a non-residential to residential conversion
there is a supply ‘in the course of conversion’
the services are not specifically excluded from zero-rating
(where appropriate) the supplier obtains a zero-rating certificate
VATA 1994, Sch 8, Group 5, Item 3, Notes 12, 20
These conditions are explained further in this guidance note.
In order for the conversion services to be zero-rated, they must be supplied to a ‘relevant housing association’, ie one of the following:
a private registered provider of social
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
This note offers guidance in respect of the administration of company tax returns. If a company or organisation is subject to corporation tax they will have to complete and file a company tax return for each accounting period. A company or organisation must, in the main, file a return even if they
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.